What's happening to the US aviation giant?

2024 seemed like it couldn't get any worse for Boeing, but on Monday, a 787 Dreamliner suddenly crashed mid-flight, sending dozens of passengers flying into the ceiling and injuring them. The pilot said he temporarily lost control of the plane, according to CNN.

Fortunately, the pilot recovered and landed the plane safely, but it is still unclear what caused the LATAM flight from Australia to New Zealand to crash so severely. LATAM called it a "technical failure". Boeing said it was working to gather more information.

LATAM flight injures more than 50 passengers after sudden crash

The company’s relentless string of bad news began on the first weekend of the year, when the door of an Alaska Airlines Boeing 737 Max exploded shortly after takeoff. A preliminary U.S. investigation found that Boeing may have failed to install bolts on the so-called door stopper, which is designed to prevent the part from flying off the plane.

That incident led to the temporary grounding of some 737 Max jets in the US, followed by congressional hearings, production and delivery delays, multiple federal investigations — including criminal ones — that have caused the stock to lose a quarter of its value this year, shaving $40 billion off the company’s market valuation.

Between lawsuits, potential fines and lost business, Boeing could lose billions more dollars following the incidents.

But the bad news doesn’t stop there. In February, pilots on a United Airlines 737 Max reported that the flight controls became jammed as the plane landed in Newark. The National Transportation Safety Board (NTSB) is investigating. Two weeks ago, the Federal Aviation Administration (FAA) warned that safety issues with de-icing equipment on the 737 Max and 787 Dreamliner models could cause the engines to lose thrust. The FAA is allowing the planes to continue flying, and Boeing says the problem doesn’t pose an immediate safety risk.

Then, last week, Boeing got more bad news: According to the NTSB, Boeing still hasn’t provided company records documenting the steps taken on the assembly line to replace door latches on Alaska Airlines jets. Boeing’s reason: Those records don’t actually exist.

The FAA said Boeing’s safety and quality issues go beyond failing to produce paperwork. In reviewing Boeing’s manufacturing processes and standards, FAA spokesman Mike Whitaker said Monday that the regulator found problems with “really critical” aspects of Boeing’s production and assembly lines.

Boeing said it is addressing some of the issues Whitaker identified. The FAA has directed the planemaker to submit a plan to fix its manufacturing issues by the end of May.

Boeing is facing a crisis

“Based on the FAA’s review, our quality weaknesses and the recent expert panel report, we continue to make immediate changes and develop a comprehensive action plan to enhance safety and quality while building customer and passenger confidence,” Boeing said in the statement.

Boeing (BA) shares fell 3% on Monday on news of the scary LATAM flight, and fell another 4.5% on Tuesday. It was the second-worst performing stock in the S&P 500, behind only Tesla.

But Boeing’s poor start to 2024 goes beyond its stock price. The storied aerospace giant enters the new year with its reputation already badly damaged. Restoring the trust of airlines, regulators, and passengers becomes harder with each new incident and bad news.

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